IPAY joins LankaPay’s ‘JustPay Web’

Elevating Digital Payments in Sri Lanka
Manoj Wijewardane – Senior Manager Corporate & Channels Partnerships, LOLC Finance; Kasun Wickremasinghe, Manager – Business Development, LankaPay; Dinuka Perera – Deputy CEO, LankaPay; Channa de Silva – CEO, Lanka Pay; Conrad Dias – Founder, iPay; Krishan Thilakaratne – Director/CEO, LOLC Finance; Hasala Thilakaratne – Head of Consumer & Digital Banking, LOLC Finance; Montini Warnakula – COO, LOLC Finance; and Nimesh Fernando – AGM, iPay

Marking a significant advancement in Sri Lanka’s digital payment ecosystem, iPay – Sri Lanka’s leading digital payment solution, has integrated with JustPay Web, a cutting-edge online payment platform developed by LankaPay. This feature enablement signifies a new chapter in the evolution of online payments, offering customers of any bank the option to pay seamlessly, securely and in real time, by making direct payments via their bank accounts.

iPay has been one of the first mobile applications to get onboard with JustPay Mobile platform launched by LankaPay in 2017. The application has been leading ‘Pay by Account’ retail payment transaction space with over 60% market share. With the integration with JustPay Web, iPay has enabled ‘Pay by Account’ feature on both iPay Internet Payment Gateways & iPay merchant app. Accordingly, both existing and potential merchants of iPay can share a payment link with their customers, allowing them to select ‘Pay by Account’ and complete transactions seamlessly in real time irrespective of what their bank is.

This new feature is expected to accelerate transactions and eliminate the need for using credit or debit cards for online payments. Therefore, even small-scale entrepreneurs, SMEs, micro-SMEs, freelancers and unregistered businesses can now accept payments digitally, tapping into new customer segments. Additionally, by eliminating checkout complexity, ‘Pay by Account’ feature ensures greater success rate of online transactions. Merchants can also enjoy the benefit of extremely low commission rates. The benefit to the customers would be the flexibility of paying anytime, anywhere, on any device at no additional cost to or hidden fees or charges. This new feature also provides the customer with smoother and more efficient payment process with enhanced customer experience.

Welcoming iPay aboard to JustPay Web, Mr. Channa de Silva, CEO – LankaPay said “This partnership signifies our shared vision to advance digital payments in the country to greater heights, by driving the adoption of cashless transactions and fostering a more inclusive and digitally enabled society. I am confident that this collaboration between two like-minded organizations will continue to enhance the country’s digital ecosystem and iPay’s 600,000+ customers can look forward to experiencing the simplicity and convenience of JustPay Web – our latest innovation.”

Speaking of this partnership, Mr. Conrad Dias – Founder iPay said “As Sri Lanka’s leading payment platform, iPay is excited to integrate with Lanka Pay’s JustPay Web platform, enabling us to offer more innovative solutions. With this integration, we are launching “iPay by Account,” allowing merchants to request direct and secure payments from customers’ bank accounts. This collaboration will lead to many new features that enhance customer convenience and ease payment acceptance for our business partners.

Additionally, Mr. Krishan Tilakaratne – Director / CEO, LOLC Finance emphasized that this partnership reflects iPay’s dedication to empowering and facilitating convenience within our merchant network. Furthermore, the introduction of the ‘Pay by Account’ feature will allow merchants to improve their profitability through a slab-based tariff scheme with significantly reduced merchant commissions. As a result, we anticipate that this new feature will motivate more merchants to engage in e-commerce, enabling them to capitalize on new business prospects. This collaboration also ensures a seamless and secure online payment experience for iPay customers, thereby enhancing the overall user journey significantly.

As the national payment network of Sri Lanka, LankaPay has been at the forefront of digital payment innovation for over two decades. Committed to enhancing the payment landscape in Sri Lanka, LankaPay has continuously expanded its suite of services to meet the evolving needs of businesses and consumers alike. JustPay Web is one of its most recent innovations, which has been designed to simplify e-commerce payments by enabling direct transactions from bank accounts through browser-based applications. JustPay Web, an extension of the original JustPay mobile platform launched in 2017, serves as an alternative to traditional Internet Payment Gateways (IPGs) for card-based transactions. It provides a seamless and intuitive payment experience, emphasizing usability, accessibility, and security.